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View Diary: White House says Obama 'happy' that GOP is talking about debt limit hike, but notes lack of details (93 comments)

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  •  Please forgive my ignorance... (3+ / 0-)
    Recommended by:
    Stude Dude, AmazingBlaise, JerryNA

    ... but WHY do we even have a debt ceiling? Why is Congress allowed to spend money for new programs without at the same time securing funding for these programs?

    I keep hearing about "The American People" and how the United States should budget and manage the bills just like how American families handle their finances (I'm looking at you Rep. Barton) but what family can commit to new expenses without having the money to pay for it, or securing a loan BEFORE the expenses are incurred.

    If I want to buy something new I either have the cash in savings, have enough credit room on my credit card, or secure a loan before I close the deal.

    I think it is absolutely absurd that Congress can commit to expenses and then when the bills must be paid say "Sorry, the law prevents us from borrowing more so we're not going to pay." I'd suggest that the nation's creditors take it to the courts and foreclose on the country to get their money.

    Or, if we run out of money, how about the manager of this country (the President) sells off some assets? How about we sell a couple of aircraft carriers? That alone should bring in billions to keep us going for a while.

    Maybe he can sell off Texas and have the Texans lease it back from the highest bidder. ;-)

    Cheers!

    •  Actually, that is the 14th Amendment Section 4 (0+ / 0-)

      which says that if the spending has been authorized then the US will pay the bill.

      •  Yeah... (0+ / 0-)

        ...but about half the scholars you ask think that only applies to Civil War debt.  Until the SCOTUS weighs in, nobody knows for sure.  

        No one can terrorize a whole nation, unless we are all his accomplices. - Edward R. Murrow

        by CrazyHorse on Thu Oct 10, 2013 at 11:50:50 AM PDT

        [ Parent ]

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